Financial Crime World

Saudi Authorities Apprehend 13 Individuals in Major Financial Fraud Case: SR22.6 Million Stolen

Arrests Follow Extensive Probe into Money Laundering, Electronic Fraud, and System Violations

In a significant move to combat financial crimes, Saudi authorities have apprehended thirteen individuals suspected of involvement in a complex financial fraud network. The suspects, whose accounts and a commercial entity’s accounts have since been frozen, are currently under investigation for:

  1. Money laundering
  2. Electronic fraud
  3. System violations

The Investigation

The investigation, spearheaded by the Financial Fraud unit at the Public Prosecution, uncovered a widespread criminal operation that:

  • Defrauded victims of approximately SR16 million
  • Covertly transferred over SR600,000 in cash and various currency amounts

The Modus Operandi

The suspects allegedly targeted their victims by creating counterfeit electronic links and sent them to unsuspecting individuals. Once clicked, these links enabled the fraudsters to unlawfully access government accounts and seize financial amounts by transferring them to other covert accounts or commercial enterprises.

The Extent of the Fraudulent Network’s Reach

The Public Prosecution disclosed that the fraudulent network had:

  • Issued fake endorsements
  • Stolen bank account balances without the victims’ knowledge

To conceal the source of the ill-gotten funds, the criminals diverted them through commercial entities’ accounts before moving them outside Saudi Arabia’s borders.

The Penalty & Public Warning

The arrested suspects face charges of financial fraud and other criminal charges. The Public Prosecution has issued warrants for their arrest and called for the strictest penalty under the law to be imposed upon conviction.

UNEQUIVOCAL STANCE ON FINANCIAL CRIMES

The Public Prosecution underscored its unequivocal stance on eradicating financial crimes and warned the public against the perils of interacting with unauthorized websites and sharing personal and financial data with unknown entities.

VICTIMS OF FINANCIAL FRAUD

The authorities advised victims of financial fraud to immediately report the incident to concerned authorities to aid in ongoing investigations and protect their interests.